By ABBEY KUNKLE
Special to the PRESS
January 15, 2015
This week the South Padre Island City Council held two special meetings to approved Ordinance No. 15-01 amending Ordinance No. 11-19 to clarify boundaries and rename the city’s Tax Increment Reinvestment Zone, more commonly referred to as the “South Padre Island Development Project,” as “Reinvestment Zone Number One City of South Padre Island” and to establish a Tax Increment Fund.
The fund will be used to support the development and redevelopment of the City supporting financing of costs associated with the construction of public improvements which will include Convention Centre improvements, Entertainment District improvements, and infrastructure improvements on Padre Boulevard. The original Tax Increment Reinvestment Zone was created by Ordinance 10-34 in December of 2010 and has since been amended for minor changes. The previous zone was determined too small to define the area, so the council approved a new map that covers a larger scale to more clearly define the boundaries that were deemed appropriate.
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